A Complete Guide To 

TENANT QUALIFYING REQUIREMENTS

Thank you for your interest in renting a property managed by RealSource Brokers Property Management (RSB) . Below, you will find the instructions and criteria required for applying for a property managed by RSB. It is important that you read the information below prior to making application to understand what is required for renting the property. If you have further questions, contact RSB Property Managers at 404-270-9374

RESIDENCE HISTORY

How have you treated your past landlords or mortgage companies?

We look at your last 2 years of residency for positive, verifiable, history. We ask your landlords about late payments, NSF checks, warrants, complaints, and condition of the property when you left. We also verify that notice has been given and that you did not leave with a balance due or collection account. If you leased from an apartment community, they usually require written notice from you before they will verify your history.

Have you owned a home and paid a mortgage?

The payment history will be on your credit report and we will not have to call the lender.

EMPLOYMENT & INCOME 

Do you have verifiable income of 2 or more times the monthly rent (gross)?

We will contact your employer to verify your position, income and length of time with the company. If your employer will not verify your income over the phone, you can show 2 recent original pay stubs (complete with "Year To Date" income calculations) to quicken this process and we will photocopy them for the application. If your recent employment is a new job, you can show an original offer letter on letterhead to verify income and we will photocopy it for the application.

Are you self-employed?

If you are self-employed, instead of pay stubs you can provide the following: (1) 2 banking statements showing deposits and monthly balances for each month, and (2) a copy of a most current year’s tax return, and (3) 1 or more 1099’s showing income for contract work.

Do you have other sources of verifiable income?

Social Security, retirement or pension, trust funds, disability payments, substantial savings accounts, spousal or child support, and second jobs are examples of acceptable sources of income when written verification is available. Tips or cash paid income can only be counted toward the gross income with verification from the employer in writing.

Can we combine our income?

A married couple’s income is combined to qualify for this requirement. Adult roommates should each have income of equal to one months rent. If income is short of this requirement, a qualified cosigner may be used to offset income if credit and residency is acceptable.

CREDIT REPORT

How you have paid your past obligations?

Payment history, the amount of debt and amount of credit available is generally revealed in your credit report. RSB uses "E-Renter USA" to pull the credit reports and Beacon scores of all adults 18 years of age and over who will occupy the home. Applicants with Beacon scores above 650 that meet income and residency requirements generally are approved with security deposits of one month’s rent. Applicants that have weak credit scores, recent bankruptcies, collections or slow payment history generally can be approved, but may be required to pay higher security deposit’s after evaluation of income and residency.

If you know you have bad credit, be prepared... you may need to pay a deposit of up to 3x monthly rent (or more) to offset the risk to the owner.

OTHER REQUIREMENTS

  • Valid photo identification, either a state driver’s license or state photo identification card is required with the application.  If the primary residence on your photo ID does not match the primary residence listed in your application we will need a notarized statement as to why there is not a direct match.
  • Valid Social Security Card, or Resident Alien Card, Work Visa or Passport is required to show legality in the United States.
  • All adults (18 and over) are required to be on the application and the lease with the above identification provided. Children, ages 17 and under do not have to provide social security numbers on the application, but we do require the names and birth dates if they are to occupy the premises.

RSB can often offset a weak area by strengthening another.

A larger Security Deposit (2-3x one month's rent) or a Qualified Co-signer may offset weak credit, new employment or lack of positive, verified residence history.

AT THE TIME OF APPLICATION

APPLICATION FEE:  Application Fee of $50 per applicant (one application per roommate or adult over the age of 18) payable by PAYPAL and non-refundable.

1st MONTH RENT DEPOSIT:  When you want the property taken off the market and held for you, the first month's Rent Deposit is required, (payable by certified check or money order) and will not be deposited until you are approved and will be returned if approval is denied. Upon approval, the check is deposited and becomes 1st month’s rent. If approved without a first month's rent deposit paid, the deposit must be paid within 24 hours of approval to secure the property.  A certified check or money order can be delivered to our 24/7 drop box at 114 New Street, Suite D1, Decatur GA 30030.

Security Deposits and Lease Purchase deposits are not required until the move-in appointment.

You can apply online using our secure online application. 

AT TIME OF MOVE IN

Security Deposit: The security deposit is usually one month's rent (depending on credit), payable at move-in only with certified funds or money order (all but $200 is fully refundable).

Lease Purchase: Earnest money is not required until move-in (certified funds only). An additional security deposit is generally not required on a Lease Purchase agreement.

Pet Deposit: There is a non-refundable additional deposit required depending on the type and number of pets. The pet deposit is generally $250 for the first pet and $200 per additional pet, but may be flexible with excellent credit.

Important note: The following breeds will require a double security deposit and renters insurance: Pit Bull, Doberman, German Shepherd, Rottweiller, Chow, or any mix of these breeds. The owner and RealSource Brokers, Inc. must be added to the policy as additional insured and it must remain in force for the duration of your tenancy. The policy declaration page must be produced at or before move-in to show 300K-liability coverage.

TRIAL APPLICATIONS

If you are uncertain about your ability to qualify for a RealSource Rental or lease purchase submit a trial application and let’s see if we can make it work. We will do our best to find a way to approve you for a home whatever your credit score.

There is no application fee required until after the credit report is run and you decide to follow through and choose to rent a property. The property is only taken off the market when you pay the application fee and rental deposit.

**BRRETA Agency Disclosure**